Everest climbs the financing charts, lands in second place
First up, Everest Medicines raised an eye-popping $310 million in its Series C financing round to help support its maturing pipeline of eight potential drug candidates, a number of which are in Phase 3 clinical trials.
“We are well-positioned to advance the clinical development of our robust therapeutics pipeline, which spans a number of important diseases, and we look forward to building a strong foundation on which we will grow our commercial business,” Everest CEO Kerry Blanchard, an Eli Lilly vet who joined the company in February, said in a statement.
Everest’s latest round is the second largest fundraise in the space this year, just shy of Grail Inc.’s $390 million Series D last month, data from Mergermarket showed.
Groomed by Chinese private equity firm C-Bridge Capital, also known as CBC Group, Everest was founded in 2017 to in-license, develop, and commercialize innovative therapies in China. In its 2 1/2-year history, the company has done just that, acquiring rights to a number of drugs, notably Xerava from Tetraphase Pharma and Trodelvy from Immunomedics, both are now commercialized in the U.S.
An Everest IPO looks to be on the horizon. Last June, CBC Group was said to be mulling over a potential listing with a sale of shares fetching up to $300 million, Bloomberg reported.
“We are well-positioned to advance the clinical development of our robust therapeutics pipeline, which spans a number of important diseases, and we look forward to building a strong foundation on which we will grow our commercial business,” Everest CEO Kerry Blanchard, an Eli Lilly vet who joined the company in February, said in a statement.
Everest’s latest round is the second largest fundraise in the space this year, just shy of Grail Inc.’s $390 million Series D last month, data from Mergermarket showed.
Groomed by Chinese private equity firm C-Bridge Capital, also known as CBC Group, Everest was founded in 2017 to in-license, develop, and commercialize innovative therapies in China. In its 2 1/2-year history, the company has done just that, acquiring rights to a number of drugs, notably Xerava from Tetraphase Pharma and Trodelvy from Immunomedics, both are now commercialized in the U.S.
An Everest IPO looks to be on the horizon. Last June, CBC Group was said to be mulling over a potential listing with a sale of shares fetching up to $300 million, Bloomberg reported.
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